Leavell Investment Management Inc. Takes $246,000 Position in ServiceNow, Inc. (NYSE:NOW)

Leavell Investment Management Inc. purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 232 shares of the information technology services provider’s stock, valued at approximately $246,000.

A number of other hedge funds have also modified their holdings of NOW. Creative Planning increased its stake in shares of ServiceNow by 8.1% during the 3rd quarter. Creative Planning now owns 55,887 shares of the information technology services provider’s stock worth $49,985,000 after purchasing an additional 4,170 shares in the last quarter. Optimum Investment Advisors increased its stake in shares of ServiceNow by 74.0% during the 3rd quarter. Optimum Investment Advisors now owns 174 shares of the information technology services provider’s stock worth $156,000 after purchasing an additional 74 shares in the last quarter. Bleakley Financial Group LLC increased its stake in shares of ServiceNow by 4.7% during the 3rd quarter. Bleakley Financial Group LLC now owns 3,884 shares of the information technology services provider’s stock worth $3,474,000 after purchasing an additional 174 shares in the last quarter. Trifecta Capital Advisors LLC increased its stake in shares of ServiceNow by 3.3% during the 3rd quarter. Trifecta Capital Advisors LLC now owns 7,295 shares of the information technology services provider’s stock worth $6,525,000 after purchasing an additional 234 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of ServiceNow by 3.1% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 45,054 shares of the information technology services provider’s stock worth $40,296,000 after purchasing an additional 1,364 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $985.67 on Friday. The company’s fifty day moving average price is $1,073.31 and its two-hundred day moving average price is $969.70. The firm has a market capitalization of $203.05 billion, a P/E ratio of 144.31, a P/E/G ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 81 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the completion of the sale, the general counsel now owns 6,843 shares of the company’s stock, valued at $6,956,183.22. This represents a 1.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total transaction of $419,340.90. Following the sale, the director now directly owns 1,322 shares of the company’s stock, valued at approximately $1,335,828.12. This represents a 23.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,257 shares of company stock valued at $23,579,376. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent research reports. Needham & Company LLC raised their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Truist Financial lifted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Oppenheimer lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.